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Speaker 1: She's on the Money.

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Speaker 2: She's on the Money.

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Speaker 3: Hello, and welcome to She's on the Money, the podcast

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Speaker 3: for millennials who want financial freedom. My name is Annabel Lee,

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Speaker 3: as you guys might know by now, I'm a law student,

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Speaker 3: Annama millennial, and all I want to do is expand

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Speaker 3: my knowledge of money. To do that, each week, I

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Speaker 3: pick the brains of my friend money expert Victoria Divine.

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Speaker 4: Hi Victoria, good morning.

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Speaker 3: So what we're going to do this week, and I

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Speaker 3: think from here on out, is share anecdotes from people

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Speaker 3: in the Facebook group who are making great money decisions.

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Speaker 1: In the last week.

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Speaker 3: I've got one from Zara not McDonald who said, I

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Speaker 3: just closed down after pay and deleted the uber eats

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Speaker 3: app off my phone.

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Speaker 1: I feel like a new woman.

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Speaker 4: I think that's a really big one.

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Speaker 1: That is bold.

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Speaker 5: Uber eats is massive, like I get after pay, go

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Speaker 5: for it, eat your heart out, but I'm eating my

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Speaker 5: heart out or no, so.

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Speaker 1: No, I commend that making my decisions.

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Speaker 4: Sorry.

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Speaker 5: I have one from Alisia and she said, I woke

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Speaker 5: up this morning thinking how badly I didn't want to

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Speaker 5: be in debt anymore.

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Speaker 4: So I wrung every debt that.

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Speaker 5: I owed and I paid them all off because of

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Speaker 5: listening to you guys really inspired me and encouraged me.

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Speaker 4: I feel like a new woman. How good is that?

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Speaker 3: Both?

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Speaker 1: Zara Andalicia feel like new women?

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Speaker 4: Absolutely killing it.

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Speaker 3: Go girls, Victoria. Today we're talking all things saving yep.

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Speaker 3: The psychology of saving. It sounds so basic and so simple,

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Speaker 3: but it's something tons of millennial women are struggling to

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Speaker 3: get a handle on. So we're going to strip it

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Speaker 3: back and start building those bank accounts.

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Speaker 1: But before we really dive in it, let's share a.

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Speaker 3: Money win or a money confession from the week, as

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Speaker 3: we always do.

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Speaker 1: Would you like to go first?

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Speaker 4: Why do I always have to go? Okay? So I

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Speaker 4: have a money confession this week to.

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Speaker 5: So this weekend, it was really rainy and it was

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Speaker 5: quite cold, and we were going to go out, but

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Speaker 5: I decided I didn't want to do that, and so

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Speaker 5: I start at home and I thought, oh, what should

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Speaker 5: I do?

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Speaker 4: I should clean my house.

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Speaker 5: That that makes it so responsible, so responsible, right, except

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Speaker 5: for the fact that I got to the part of

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Speaker 5: cleaning my house where I was tidying up my pantry

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Speaker 5: and I decided that I needed all.

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Speaker 4: New pantry containers.

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Speaker 5: So I went out and purchased all new pantry containers

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Speaker 5: and redid my pantry over the weekend.

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Speaker 4: And I'll have you know, it looks beautiful.

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Speaker 1: It's got to be aesthetic.

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Speaker 5: But that is expensive. I did not realize how much

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Speaker 5: containers could add up to.

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Speaker 1: Did you like label all the containers?

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Speaker 4: Well, yes, I absolutely. I'll put it on my story

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Speaker 4: for today.

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Speaker 3: I've got a money win this week. I actually started

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Speaker 3: seeing a psychologist last Monday. The first session was last

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Speaker 3: Monday for no particular reason. I just thought it's important.

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Speaker 3: Psychologists are important. But I thought i'd left it so

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Speaker 3: late because I thought you had to pay for psychologists.

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Speaker 3: Turns out I can get ten free sessions.

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Speaker 1: What's it called.

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Speaker 5: It's called the Mental Health Care Plan, that's it. Yeah,

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Speaker 5: it's actually really really cool.

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Speaker 4: Yeah, and I think it gives.

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Speaker 5: You a real good base. So each year, ten sessions

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Speaker 5: that you can use.

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Speaker 4: Keep on track. I started on that. Yeah, very Good's great,

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Speaker 4: good work, Thank you so much.

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Speaker 3: Moving track a little bit, let's talk about something that

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Speaker 3: keeps rearing its head in the Facebook group savings. First

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Speaker 3: of all, do you have to be on a cushy

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Speaker 3: salary to be able to save money?

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Speaker 5: So I think that this is a really big misconception

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Speaker 5: that you need to be earning a lot to be

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Speaker 5: saving at all. And I think a lot of people say, well,

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Speaker 5: when I earn eighty thousand dollars, I'll start saving, And

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Speaker 5: to me, that's very like saying well, I'll go to

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Speaker 5: the gym when i'm skinny and i'm fit, And I

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Speaker 5: think that that's just the wrong way to look at

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Speaker 5: it completely. I think that you should be starting to

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Speaker 5: create habits with whatever salary you do have. And whilst

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Speaker 5: I know that that's not an easy thing to do.

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Speaker 5: If you've got goals and you want to be creating

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Speaker 5: the life that you think you deserve, saving is a

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Speaker 5: very key part of that. And being able to compartmentalize

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Speaker 5: your sales and work out, you know, what part of

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Speaker 5: it you're going to be putting away each week or

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Speaker 5: each month is really important. And the time to do

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Speaker 5: that is now, not when you're earning more money.

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Speaker 1: So some background to all of this.

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Speaker 3: The median and Australian income is fifty seven, nine hundred

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Speaker 3: and eighteen dollars a year before tax. It is which

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Speaker 3: equates to the average ossie having about one thousand, nine

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Speaker 3: hundred dollars deposited into their bank account every fortnight, or

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Speaker 3: three thy eight hundred every month. On top of that,

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Speaker 3: Ossie men are saving on average five hundred and seven

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Speaker 3: dollars a month, while Ossie women are saving three hundred

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Speaker 3: and forty.

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Speaker 1: Six dollars a month. Why does the average Australian woman

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Speaker 1: find saving so tough?

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Speaker 6: So?

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Speaker 5: I think first things first, here, women on average earn

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Speaker 5: less than men, so that obviously could play into why

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Speaker 5: women are saving less than men. And I think that's,

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Speaker 5: you know, an important point, but it also doesn't get

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Speaker 5: you guys off the hook at all. I don't want

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Speaker 5: you to think that because we're earning less or maybe

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Speaker 5: working less, or you know, we have part time roles,

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Speaker 5: or you know, we spend more on you know, life

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Speaker 5: than men do.

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Speaker 4: I think that that is those things.

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Speaker 5: Are all just excuses for you not putting money aside

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Speaker 5: and saving. I think that people are really good at

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Speaker 5: not taking ownership of their own issues and blaming other

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Speaker 5: things like their upbringings or their influencers or you know,

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Speaker 5: the friends they circulate with, or their lifestyle they think

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Speaker 5: they deserve to have. So I think women are not

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Speaker 5: saving as much because they haven't put plans in place,

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Speaker 5: and it's as simple as that. If you guys wanted

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Speaker 5: to be saving that amount you potentially could be obviously

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Speaker 5: dependent upon you know how much income you're deriving in

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Speaker 5: the first place, and you know whether your income actually

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Speaker 5: leaves enough.

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Speaker 4: After basics for you to save.

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Speaker 5: I think women are finding it tough because they haven't

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Speaker 5: been tough enough on themselves.

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Speaker 3: So do you think our attitude towards saving needs work?

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Speaker 1: Then do you think we assume it's too out of reach?

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Speaker 5: I think it does need work, And I think that

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Speaker 5: this is one of those harsh.

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Speaker 4: But true realities of life.

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Speaker 5: And I don't want to sit here and say, oh,

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Speaker 5: well I can save, and people look at me and go, well, okay,

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Speaker 5: she can save, but that's definitely beyond me, like she's

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Speaker 5: putting unrealistic expectations on us. I think there's a couple

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Speaker 5: of reasons why people struggle. Well, the first is our upbringing.

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Speaker 5: You know, if you've been raised in a frugal household,

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Speaker 5: you're more likely to be frugal and have the perception

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Speaker 5: that money is not everlasting. It is something that you

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Speaker 5: know you've got to spend it the second you get it,

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Speaker 5: and you know, look after yourself when you can. I

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Speaker 5: think another reason women actually struggle is this concept called

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Speaker 5: learned helplessness and what is that. So it's a state

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Speaker 5: of mind that causes people to believe that there's nothing

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Speaker 5: they can do to escape their negative situation, when the opposite.

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Speaker 4: Is actually true. The power is actually all in your hands.

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Speaker 5: And if it relates to saving money, learned helplessness often

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Speaker 5: arises in people who have had consistently negative experiences with money,

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Speaker 5: so they believe that negative things are going to happen

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Speaker 5: around money, that they're not going to be able to

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Speaker 5: save money because historically that's been true for them, But

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Speaker 5: it doesn't have to be true moving forwards.

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Speaker 3: I feel like it ties back kind of to the

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Speaker 3: Your Money Stories episode that we did. Absolutely, I feel

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Speaker 3: like I avoid that because I've gone through or my

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Speaker 3: family have gone through some kind of financial hardship.

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Speaker 7: Yeah.

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Speaker 1: Absolutely, and I think for everyone.

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Speaker 5: Yeah, I think learned helplessness comes into play because it

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Speaker 5: can most often come up during childhood. It's something that

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Speaker 5: is kind of drummed into them inadvertently, but it can

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Speaker 5: also come up from adult experiences as well. So the

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Speaker 5: more often you experience failed attempts at saving, the more

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Speaker 5: likely you are to believe that you're simply not capable

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Speaker 5: of doing so. And I think, in other words, you

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Speaker 5: begin to think that that inability to save money is

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Speaker 5: a part of who you are, not something that you

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Speaker 5: can actually achieve. And I think we really need to

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Speaker 5: push forward with this. And you know, a community like

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Speaker 5: She's on the Money is here to support you and

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Speaker 5: to lift you up, and you know, we're all in

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Speaker 5: it together, and I think that that is something we

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Speaker 5: can get over together as well.

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Speaker 1: One undred percent. Some people worry that saving money might

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Speaker 1: restrict their lifestyle. Do you think that that's true?

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Speaker 5: Yes, I do think it's true, because if you're spending

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Speaker 5: every dollar that you are earning on the lifestyle that

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Speaker 5: you currently have, bringing it back a little bit and

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Speaker 5: saying well, now I want to save one hundred dollars

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Speaker 5: a month, two hundred dollars a month is going to

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Speaker 5: impact the way you live your life, because if you

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Speaker 5: were spending that money before and you're now not wanting

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Speaker 5: to spend that money, you know, what are you missing

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Speaker 5: out on? And I don't want it to be a

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Speaker 5: situation where you're missing out on anything. But saving is

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Speaker 5: about declayed gratification and essentially deferring instant.

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Speaker 4: Gratification for later.

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Speaker 5: So I think the mindset of people needs to change dramatically,

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Speaker 5: So you need to be looking at it, not oh, well,

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Speaker 5: my lifestyle is going to change negatively, and I'm not

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Speaker 5: going to be able to, you know, go out for

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Speaker 5: coffee with my friends or do this or do that too.

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Speaker 5: If I don't go out for coffee with my friends

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Speaker 5: and spend thirty dollars on brunch today, it means that

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Speaker 5: at some point in the future, I can use that

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Speaker 5: money for something else.

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Speaker 3: So I often or I sometimes find that I'm either

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Speaker 3: aggressively saving it at the expense of having fun like

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Speaker 3: going out on those thirty dollars brunch dates, or I'm

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Speaker 3: finding that I'm spending far too much. Is finding that

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Speaker 3: sweet spot difficult for everyone?

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Speaker 6: Do you think?

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Speaker 4: I think it is?

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Speaker 5: And I wish I was more like you and I

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Speaker 5: was a little bit more frugal with my brunches and

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Speaker 5: going out and made some smarter decisions. But I think

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Speaker 5: we all feel like we have things that we can

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Speaker 5: approve on.

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Speaker 4: I think it's about goals.

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Speaker 5: I think it's about setting realistic goals and having a

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Speaker 5: look at all of those little things that you do

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Speaker 5: in your life that add up. So if brunch is

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Speaker 5: an issue for you, and I never think brunches, but

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Speaker 5: if brunch is something that you're spending a significant amount

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Speaker 5: of money on, have a look at how you can

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Speaker 5: change the way you're spending at brunch. Could you potentially

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Speaker 5: go with your girlfriends to brunch and.

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Speaker 4: Just get a coffee?

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Speaker 5: Could you go and pick a menu item that is

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Speaker 5: a lot less than what you'd usually do. If you're

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Speaker 5: going and getting the nineteen dollar eggs ben addict with

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Speaker 5: extra bacon, with extra bacon and like me yesterday, halloumi

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Speaker 5: on the side, oh, you do not need that. You're

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Speaker 5: then spending cl twenty five dollars on a brunch. Can

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Speaker 5: you go along and maybe get a toasted sandwich and

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Speaker 5: a coffee. Maybe you don't need the additional coffee at the.

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Speaker 8: End of brunch.

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Speaker 5: I think it's all about looking at what your situation

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Speaker 5: is and tweaking small things along the way instead of

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Speaker 5: just going along and going, well, okay, I'm helpless. Now

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Speaker 5: we're going to brunch. I guess I'm gonna have to

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Speaker 5: spend nineteen dollars on expendedit.

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Speaker 3: So you don't have to give up those fun experiences altogether,

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Speaker 3: which I often find that I do.

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Speaker 4: No, I don't think so.

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Speaker 5: I think it's about being reasonable and really aware of

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Speaker 5: what you're spending, So having a think about what you're

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Speaker 5: going to spend going into it is a really good idea,

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Speaker 5: and not feeling helpless about it the entire time, not saying, oh,

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Speaker 5: I've accepted an invitation to brunch and now look at me,

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Speaker 5: I'm going to have to spend twenty five dollars when

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Speaker 5: it's not the case. The power is still in your

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Speaker 5: hands and it's only up to you to make a

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Speaker 5: good decision or not so good decision.

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Speaker 3: Lots of Australian women feel like they don't have control

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Speaker 3: over their financial position and their wealth.

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Speaker 1: Do you think this is accurate?

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Speaker 5: I think so, And I think that goes back to

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Speaker 5: this learned helplessness. Have experienced negativity in our experience is

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Speaker 5: thus far, so therefore we think it's going to carry through.

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Speaker 5: And I think that we've always felt maybe a little

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Speaker 5: less educated or a little less financially literate than men,

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Speaker 5: so therefore we feel less empowered. And I think, you know,

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Speaker 5: we're doing a lot to change that we're trying to

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Speaker 5: do a lot to change that right now, but we've

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Speaker 5: always felt less empowered over their position and their wealth

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Speaker 5: because potentially we don't understand what we're doing or how

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Speaker 5: to do what we want to do.

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Speaker 3: So talking about and sharing your own missteps and everything

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Speaker 3: is important.

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Speaker 5: I guess yes, I think it's really important to be

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Speaker 5: sharing those things and having discussions about money, and a

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Speaker 5: discussion about money with your friends doesn't necessarily mean divulging

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Speaker 5: all your personal details and telling them how much you

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Speaker 5: earn and how much you've been spending in you know,

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Speaker 5: the personal debt you could be in. I think having

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Speaker 5: a conversation with friends around hey brunch is pretty expensive. Why, like,

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Speaker 5: is there something else we can do? Is there somewhere

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Speaker 5: else we can go? Is there something that we can change?

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Speaker 5: Because you don't have to divulge all your information to

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Speaker 5: tell your friends you're working towards a bigger goal and

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Speaker 5: that brunch doesn't align to that.

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Speaker 3: These days, I've been catching up with friends and going

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Speaker 3: for walks because it's like, you get your social interaction in.

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Speaker 1: You don't have to go to the gym. You can

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Speaker 1: just go for the leisurely walk.

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Speaker 5: A couple of my friends and I have been doing

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Speaker 5: that recently as well, and albeit it's been very cold,

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Speaker 5: I actually prefer it. I feel like we have deeper

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Speaker 5: conversations and we end up, you know, waffling on about

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Speaker 5: things that I never would have waffled on about at brunch,

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Speaker 5: because I feel like brunch can be a little bit

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Speaker 5: disjointed at like, guess, and.

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Speaker 1: There are people around you.

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Speaker 4: There are people around you.

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Speaker 5: You know, someone comes over and asks you if you

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Speaker 5: want a coffee and your conversation ends, or you're sitting

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Speaker 5: at brunch and you're looking at someone else and you're like, oh,

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Speaker 5: you get a little bit distracted. Whereas I feel like

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Speaker 5: the walks I've fit on recently, I've had some very

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Speaker 5: deep and meaningful conversations with my friends.

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Speaker 1: I'd recommend it.

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Speaker 3: Guys, Yeah, Hi, there, you've called the Shees on the

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Speaker 3: Money Hotline.

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Speaker 1: Do you have a money problem? What helps solving?

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Speaker 3: Do you have a money dilemma you just want to

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Speaker 3: chat about. Victoria is here to help. Every week, we'll

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Speaker 3: be playing your hotline questions to help make sense of

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Speaker 3: the money mess you may have found yourself in. Give

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Speaker 3: us a call on four three, five, two nine three

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Speaker 3: double eight six, and you might find.

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Speaker 1: Yourself on the show. Over to today's listener question.

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Speaker 7: Hi, Victorian Annabel, I love listening to your podcast and

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Speaker 7: really are home for the third time, and I'm learning

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Speaker 7: what percentage of my income ship is going towards the

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Speaker 7: rent as I'm also trying to stay for a more

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Speaker 7: such ex same time, a little bit concern that I'm

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Speaker 7: spending too much, but also I'm not sure how the

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Speaker 7: life should be spending. Any help would be gay.

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Speaker 3: So Victoria, what, in your opinion, is a figure or

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Speaker 3: a percentage you can justify spending rent on.

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Speaker 5: So this is a really hard question to answer because

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Speaker 5: it depends on where you live and the lifestyle costs

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Speaker 5: of the you know state or city or you know

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Speaker 5: town that you're living in. But I would never want

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Speaker 5: to see someone spending more than thirty or forty percent

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Speaker 5: of their income on rent. I think a lot of

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Speaker 5: people do, and they live these lifestyles that they really love.

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Speaker 4: But if you want to live.

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Speaker 5: In an apartment that is costing you seventy percent of

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Speaker 5: your income, I'm not surprised you're not able to save.

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Speaker 5: I'm not surprised that you're not able to defer that

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Speaker 5: gratification of living in a nice house now so you

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Speaker 5: can live in a nice house later. I think it's

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Speaker 5: honestly a little bit baffling when people say to me, Hey, Victoria,

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Speaker 5: this is how much I'm spending on rent. How else

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Speaker 5: can I save? And my first thing is, well, you're

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Speaker 5: spending seventy or seventy five percent on rent, Move like,

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Speaker 5: move into an apartment that is more aligned to your goals.

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Speaker 5: Move into an apartment that doesn't cost you everything that

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Speaker 5: you're earning.

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Speaker 3: So I'm currently renting, but I'd also like to buy

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Speaker 3: property one day. There's this big idea though, that if

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Speaker 3: you're renting, you'll never be able to buy a home

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Speaker 3: or save money. Do you think this is a myth

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Speaker 3: that we need to bust.

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Speaker 4: Yes, absolutely so.

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Speaker 5: I think that if you're renting, you are absolutely still

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Speaker 5: in a position where you you can purchase a home,

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Speaker 5: because you need to be saving as well. If you

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Speaker 5: are spending so much money on rent that you are

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Speaker 5: unable to save, that is too much money on rent,

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Speaker 5: So potentially it's time to have a look at how

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Speaker 5: you can cut that down. If you're living with your

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Speaker 5: partner and you have a beautiful apartment, but you're spending

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Speaker 5: seventy percent of your incomes on rent. Is it time

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Speaker 5: to have a look at maybe having a housemate, or

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Speaker 5: is it time to look at moving into a sharehouse

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Speaker 5: or moving into a cheaper apartment that you can live

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Speaker 5: in in the short term so that you can achieve

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Speaker 5: your long term goal of purchasing a home.

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Speaker 1: I think it's you.

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Speaker 5: Know, there's a meme going around on Instagram at the

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Speaker 5: moment that says, if you live fake rich now, you're

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Speaker 5: going to live real poor later, And I think it's very,

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Speaker 5: very true.

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Speaker 4: I really like.

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Speaker 5: That statement because I think that a lot of people

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Speaker 5: are living beyond their means right now while still being

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Speaker 5: able to afford that.

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Speaker 1: Memes are so relevant.

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Speaker 3: On that note, though, how important is it to make

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Speaker 3: sure your partner or your housemate and you share similar

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Speaker 3: mine values?

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Speaker 5: Back to our money story conversation, I think it's really

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Speaker 5: important to not only understand your own money story, but

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Speaker 5: understand the money stories of those around you so that

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Speaker 5: you can fit with them, because if you don't take

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Speaker 5: those things into consideration, their money stories and potentially the

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Speaker 5: bad parts of their money stories become a part of yours.

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Speaker 5: So if they're a person who is not usually into

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Speaker 5: looking into, you know, how to best save money on

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Speaker 5: bills or looking for the best deals, but you are,

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Speaker 5: but you let it laps, You're potentially not putting yourself

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Speaker 5: in the best possible financial position. Equally, are they you know?

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Speaker 5: Are they dining out every night? And you become a

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Speaker 5: part of that culture, like what are the expectations upfront?

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Speaker 5: How do you spend money? What are your values? How

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Speaker 5: are you working towards goals together? Having a housemate is

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Speaker 5: really fantastic in some of these situations too, because they

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Speaker 5: can be your accountability buddy. There can be the one

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Speaker 5: that calls you out when you're ordering over eats too

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Speaker 5: many times per week. So I think we need to

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Speaker 5: see housemates as a really good accountability buddy now instead

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Speaker 5: of someone that costs you money.

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Speaker 3: And as always, now it's time for the fun stuff.

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Speaker 3: What good would this be if we didn't bring you

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Speaker 3: the purvy stuff? Yep, it's time for our weekly money dary.

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Speaker 8: Let's go.

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Speaker 3: Today's money dary is from a twenty three year old

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Speaker 3: student who says she's still figuring it out.

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Speaker 8: I feel like.

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Speaker 6: I am I have an idea of what I'm doing

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Speaker 6: with money, but I feel like sometimes priorities aren't really

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Speaker 6: where they should be, but at the same time, like

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Speaker 6: I know where they should be, but I feel like

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Speaker 6: my situation sort of prevents me from doing what I

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Speaker 6: feel like I need to.

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Speaker 8: Do or what I should be doing.

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Speaker 6: I'm currently a full time student and then I have

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Speaker 6: about four jobs, but I feel like I am always

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Speaker 6: paying out so much then so much more than what

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Speaker 6: I am getting in. So I feel like I'm always

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Speaker 6: not balanced, like I'm trying to do what I can

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Speaker 6: what I have, but every time I have money coming in,

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Speaker 6: it's just in and out straightaway, like it. Yeah, I

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Speaker 6: feel like it's never in my account long enough to

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Speaker 6: do anything with it.

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Speaker 3: Okay, so we know twenty three and figuring it out

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Speaker 3: has had it tough.

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Speaker 1: But let's hear the juicy stuff.

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Speaker 3: How much does she earn and how much is sitting

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Speaker 3: in her bank account right now?

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Speaker 6: So I have all four of the jobs casual, two

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Speaker 6: of them I get paid fortnightly, one just works on

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Speaker 6: school holidays, and the other one is like a mentoring program.

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Speaker 6: So that comes in one thousand dollar lots, So four

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Speaker 6: times a year we get one thousand dollars.

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Speaker 8: So yeah, there's that from that, so four.

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Speaker 6: Thousand for that one, and then well, having just done

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Speaker 6: my tax I think for last year, I earned about

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Speaker 6: nineteen thousand. Yeah, across the year, I have about five

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Speaker 6: hundred dollars in my savings account.

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Speaker 8: For the last two years.

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Speaker 6: Last year I put my made my New Year's resolution

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Speaker 6: to save ten thousand dollars.

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Speaker 8: That didn't happen.

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Speaker 6: So this year I adjusted and thought, okay, let's just

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Speaker 6: go down a little bit and go to five thousand.

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Speaker 6: So five hundred and five thousand not quite the same,

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Speaker 6: But yeah, I feel like I've done things that I

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Speaker 6: want to do with my money. Like I sort of

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Speaker 6: feel like if with my money, that at least I'm

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Speaker 6: enjoying what I'm doing. But I do understand that you

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Speaker 6: do need to have money as well, so I would

447
00:19:24,720 --> 00:19:28,040
Speaker 6: like to have more than five hundred dollars in there.

448
00:19:28,200 --> 00:19:31,479
Speaker 3: But yeah, so we know how this twenty three year

449
00:19:31,520 --> 00:19:34,040
Speaker 3: old gets paid, but what exactly happens to that money

450
00:19:34,040 --> 00:19:35,800
Speaker 3: after it's deposited into her account?

451
00:19:36,119 --> 00:19:40,040
Speaker 6: So when I get paid from my two like fortnightly

452
00:19:40,080 --> 00:19:44,359
Speaker 6: from two jobs, one of them I get about one

453
00:19:44,440 --> 00:19:46,399
Speaker 6: hundred and twenty dollars and then the other one I

454
00:19:46,440 --> 00:19:49,639
Speaker 6: get about two hundred and So I have a debt

455
00:19:49,720 --> 00:19:53,000
Speaker 6: for in visiline, so for like a teeth treatment, So

456
00:19:53,440 --> 00:19:55,720
Speaker 6: I pay eighty dollars a week for that, So that

457
00:19:56,320 --> 00:19:59,080
Speaker 6: goes on a Wednesday, and then I pay off one

458
00:19:59,160 --> 00:20:01,520
Speaker 6: hundred and twenty five do each fortnite for my car,

459
00:20:01,680 --> 00:20:04,760
Speaker 6: So that's two hundred dollars pretty much straight away. So

460
00:20:04,800 --> 00:20:07,680
Speaker 6: it leaves me with about eighty and then forty dollars

461
00:20:07,720 --> 00:20:09,679
Speaker 6: for petrol to fill my car for the week. And

462
00:20:09,720 --> 00:20:12,639
Speaker 6: so I'm, yeah, sort of left with forty dollars for me.

463
00:20:12,920 --> 00:20:15,879
Speaker 1: It's time for the dreaded question, what about investing?

464
00:20:16,280 --> 00:20:19,320
Speaker 8: I don't invest, I haven't ever.

465
00:20:20,040 --> 00:20:23,080
Speaker 6: I don't really know much about it, but I feel

466
00:20:23,119 --> 00:20:27,439
Speaker 6: like I don't really have enough either knowledge or money

467
00:20:27,480 --> 00:20:29,959
Speaker 6: to make anything like worthwhile of that.

468
00:20:30,119 --> 00:20:31,640
Speaker 1: And where does she sit with her debts?

469
00:20:31,920 --> 00:20:32,760
Speaker 8: Okay, so I.

470
00:20:32,800 --> 00:20:35,800
Speaker 6: Have my car loan, so I pay one hundred and

471
00:20:35,800 --> 00:20:39,359
Speaker 6: twenty five dollars a fortnight and I think the car

472
00:20:39,480 --> 00:20:42,920
Speaker 6: was around seventeen thousand, so plus the interest on top

473
00:20:42,960 --> 00:20:46,240
Speaker 6: of that when you're paying it back, and then my

474
00:20:46,359 --> 00:20:50,760
Speaker 6: invisi line is around eight thousand dollars, that works out

475
00:20:50,760 --> 00:20:51,920
Speaker 6: to be about.

476
00:20:51,600 --> 00:20:52,880
Speaker 8: Eighty dollars a week.

477
00:20:53,280 --> 00:20:55,920
Speaker 6: Then I also have my hex step for UNI, which

478
00:20:55,960 --> 00:20:59,679
Speaker 6: is about twenty eight thousand. And then I also have

479
00:20:59,760 --> 00:21:02,880
Speaker 6: a enteling debt of about two thousand that I pay

480
00:21:03,119 --> 00:21:06,600
Speaker 6: every fortnight, just a little amount. So when I was

481
00:21:06,640 --> 00:21:09,280
Speaker 6: getting my car, actually my car died on the side

482
00:21:09,320 --> 00:21:12,680
Speaker 6: of the road after Adella's concert, so I didn't actually

483
00:21:12,720 --> 00:21:15,400
Speaker 6: have the money saved up to buy a new car.

484
00:21:15,440 --> 00:21:17,760
Speaker 6: Like I didn't just decide that I wanted a new car.

485
00:21:18,480 --> 00:21:20,399
Speaker 6: It sort of got to a point where I needed

486
00:21:20,440 --> 00:21:23,760
Speaker 6: one and I couldn't get around, And our family situation

487
00:21:23,920 --> 00:21:26,919
Speaker 6: meant that I couldn't just borrow money off my parents

488
00:21:26,960 --> 00:21:28,719
Speaker 6: to get a new car. It was sort of like

489
00:21:28,760 --> 00:21:31,720
Speaker 6: a need and a yeah straight away and something that

490
00:21:32,000 --> 00:21:34,719
Speaker 6: they couldn't really help with rite on the spot. So

491
00:21:35,200 --> 00:21:37,399
Speaker 6: I had to take out a personal loan through not

492
00:21:37,480 --> 00:21:40,160
Speaker 6: through the bank because I didn't earn enough, but through

493
00:21:40,200 --> 00:21:41,200
Speaker 6: the car yard.

494
00:21:41,000 --> 00:21:43,400
Speaker 3: Directly does twenty three and figuring it out. Have any

495
00:21:43,440 --> 00:21:45,320
Speaker 3: good money habits that she's especially proud of.

496
00:21:45,640 --> 00:21:50,000
Speaker 6: I find that I don't spend money on clothes, shoes,

497
00:21:50,560 --> 00:21:53,840
Speaker 6: going out, like food or anything like that I would

498
00:21:53,840 --> 00:21:56,280
Speaker 6: spend it. Well, I do spend it on traveling and

499
00:21:56,280 --> 00:21:59,080
Speaker 6: going on holidays, So I feel like that is a

500
00:21:59,160 --> 00:22:01,960
Speaker 6: large amount of that is going towards that. But if

501
00:22:01,960 --> 00:22:04,359
Speaker 6: I was to add up, if I was to buy

502
00:22:04,720 --> 00:22:07,440
Speaker 6: something every week, a new piece of clothing every single week,

503
00:22:07,480 --> 00:22:09,760
Speaker 6: and then add all that up, it would probably equal

504
00:22:09,800 --> 00:22:12,800
Speaker 6: the same amount as going away anyway. So I, yeah,

505
00:22:12,840 --> 00:22:15,840
Speaker 6: would prefer to bundle all of my money up and

506
00:22:15,880 --> 00:22:19,000
Speaker 6: spend on something like a week away rather than yet

507
00:22:19,040 --> 00:22:21,040
Speaker 6: on something like a material piece.

508
00:22:21,240 --> 00:22:22,680
Speaker 1: What about her worst money habit?

509
00:22:23,160 --> 00:22:27,080
Speaker 6: I think my worst money habit is probably when I

510
00:22:27,160 --> 00:22:31,679
Speaker 6: do see more money than usual in my account, I think, oh, yeah, awesome,

511
00:22:31,840 --> 00:22:34,120
Speaker 6: like this is good, so I can just spend it,

512
00:22:35,160 --> 00:22:37,320
Speaker 6: which yeah, probably isn't the best.

513
00:22:37,600 --> 00:22:41,199
Speaker 3: So what's today's money diarist? Actually saving for? What's her

514
00:22:41,240 --> 00:22:42,120
Speaker 3: big money goal?

515
00:22:42,520 --> 00:22:46,399
Speaker 6: I think the reason behind having or wanting to have

516
00:22:46,480 --> 00:22:49,840
Speaker 6: five thousand dollars saved is not so much saving up

517
00:22:49,880 --> 00:22:52,760
Speaker 6: for something in particular, but just to have money. Like

518
00:22:52,880 --> 00:22:55,399
Speaker 6: I don't really just have money there, Like if something

519
00:22:55,520 --> 00:22:58,040
Speaker 6: was to happen, I don't really have anything to fall

520
00:22:58,080 --> 00:22:59,840
Speaker 6: back on, So I think just knowing that there is

521
00:23:00,119 --> 00:23:03,040
Speaker 6: least something there. It might not be a lot, but yeah,

522
00:23:03,080 --> 00:23:04,520
Speaker 6: just having something to fall back on.

523
00:23:05,280 --> 00:23:06,040
Speaker 8: Yeah, it would be good.

524
00:23:06,080 --> 00:23:08,040
Speaker 3: So how would today's money diarist to rate her own

525
00:23:08,080 --> 00:23:10,280
Speaker 3: relationship with money? If we forced her to give herself

526
00:23:10,320 --> 00:23:10,720
Speaker 3: a grade.

527
00:23:11,359 --> 00:23:13,480
Speaker 8: I would probably give myself.

528
00:23:13,119 --> 00:23:17,240
Speaker 6: A maybe, like a bus or a C plus because

529
00:23:17,760 --> 00:23:20,200
Speaker 6: I feel like I know what I need to be doing,

530
00:23:20,280 --> 00:23:22,600
Speaker 6: but my situation and like the income that I have

531
00:23:22,840 --> 00:23:26,240
Speaker 6: doesn't physically allow me to do what I know that

532
00:23:26,280 --> 00:23:28,960
Speaker 6: I should be doing. But yeah, I feel like I'm

533
00:23:28,960 --> 00:23:32,320
Speaker 6: not like silly with money, and I understand, yeah, what

534
00:23:32,480 --> 00:23:36,120
Speaker 6: needs to be done, but at the moment, as a student, I, yeah,

535
00:23:36,160 --> 00:23:37,720
Speaker 6: feel like I just can't do that.

536
00:23:38,600 --> 00:23:40,960
Speaker 1: So Victoria, what were your first thoughts?

537
00:23:41,240 --> 00:23:44,120
Speaker 5: I understand that she's in a position where she has

538
00:23:44,200 --> 00:23:47,280
Speaker 5: these goals, but I felt like those goals potentially didn't

539
00:23:47,320 --> 00:23:50,480
Speaker 5: meet her salary. So I felt like she was setting

540
00:23:50,520 --> 00:23:54,320
Speaker 5: herself up for failure, to be honest, because she at

541
00:23:54,320 --> 00:23:57,439
Speaker 5: the start said her income was nineteen thousand dollars but

542
00:23:57,560 --> 00:23:59,960
Speaker 5: that she had a savings goal of ten thousand dollars.

543
00:24:00,080 --> 00:24:02,840
Speaker 5: And I found that to be quite unrealistic for her

544
00:24:02,840 --> 00:24:05,960
Speaker 5: income and all of the other expenses she has in

545
00:24:06,000 --> 00:24:06,520
Speaker 5: her life.

546
00:24:06,560 --> 00:24:08,879
Speaker 3: And I guess it'd make you feel a little bit deflated. Yeah,

547
00:24:08,920 --> 00:24:10,240
Speaker 3: and you weren't saving your goal.

548
00:24:10,359 --> 00:24:12,840
Speaker 5: Yeah, and back to what we were talking about earlier

549
00:24:12,840 --> 00:24:15,679
Speaker 5: in the episode about learned helplessness, this is going to

550
00:24:15,720 --> 00:24:18,000
Speaker 5: make her feel helpless if she's setting a goal for

551
00:24:18,040 --> 00:24:21,520
Speaker 5: herself that she's unable to achieve. If she's saying, well,

552
00:24:21,560 --> 00:24:24,600
Speaker 5: I need to save ten thousand dollars that's more than

553
00:24:24,640 --> 00:24:28,639
Speaker 5: fifty percent of her income, and she's making decisions like

554
00:24:28,680 --> 00:24:31,600
Speaker 5: going and getting eight thousand dollars on in visi line, like,

555
00:24:31,720 --> 00:24:34,240
Speaker 5: these things aren't adding up, and I feel like it's

556
00:24:34,280 --> 00:24:37,400
Speaker 5: going to leave her feeling really deflated and like she's

557
00:24:37,440 --> 00:24:40,440
Speaker 5: maybe not able to achieve goals or you know, create

558
00:24:40,480 --> 00:24:43,239
Speaker 5: the life that she wants to create for herself. It's

559
00:24:43,280 --> 00:24:45,640
Speaker 5: good that she's wanting to save the amounts of money, though,

560
00:24:45,640 --> 00:24:48,080
Speaker 5: I guess absolutely, and I think it's really important to

561
00:24:48,119 --> 00:24:50,160
Speaker 5: have those things in place. But I think it's also

562
00:24:50,280 --> 00:24:54,119
Speaker 5: really important to be realistic about these things and set

563
00:24:54,160 --> 00:24:57,640
Speaker 5: goals that are in that smart framework, so making sure

564
00:24:57,640 --> 00:25:00,480
Speaker 5: that they are specific and they are actually relevant to

565
00:25:00,640 --> 00:25:03,920
Speaker 5: your situation, because the easiest way to get off track

566
00:25:03,960 --> 00:25:06,040
Speaker 5: and feel disheartened is to set a goal that you're

567
00:25:06,040 --> 00:25:07,480
Speaker 5: not able to achieve for yourself.

568
00:25:07,760 --> 00:25:09,359
Speaker 1: So what do you think that she could improve on?

569
00:25:09,400 --> 00:25:09,520
Speaker 5: Then?

570
00:25:09,560 --> 00:25:11,439
Speaker 1: How could she set those realistic goals?

571
00:25:11,600 --> 00:25:14,560
Speaker 5: I think going back to the really basic smart methodology

572
00:25:14,720 --> 00:25:19,600
Speaker 5: of having specific, measurable, achievable, realistic and timely goals is important.

573
00:25:19,920 --> 00:25:23,320
Speaker 5: It sounds really lame. I'll post a goal setting chart

574
00:25:23,400 --> 00:25:25,840
Speaker 5: in the Facebook group this week for everyone if they

575
00:25:25,840 --> 00:25:29,600
Speaker 5: want to use that. But I think setting really unambiguous

576
00:25:29,640 --> 00:25:33,000
Speaker 5: goals is really important because if we set ourselves up

577
00:25:33,040 --> 00:25:35,679
Speaker 5: for failure from the beginning, there's no way we're going

578
00:25:35,720 --> 00:25:37,920
Speaker 5: to want to get up every single time and try

579
00:25:37,960 --> 00:25:39,800
Speaker 5: again when it feels fruitless.

580
00:25:39,960 --> 00:25:41,680
Speaker 3: So do you think a better idea for her would

581
00:25:41,720 --> 00:25:44,760
Speaker 3: be setting micro goals? So maybe month to month saving

582
00:25:44,760 --> 00:25:46,280
Speaker 3: a certain amount, and what amount do you think she

583
00:25:46,320 --> 00:25:46,960
Speaker 3: should be saving?

584
00:25:47,200 --> 00:25:49,760
Speaker 5: I think that that's a really good idea. Actually setting

585
00:25:49,800 --> 00:25:52,439
Speaker 5: smaller goals that you can achieve on a month to

586
00:25:52,480 --> 00:25:54,840
Speaker 5: month basis is going to keep you motivated for the

587
00:25:54,920 --> 00:25:57,520
Speaker 5: long term, as opposed to looking at a big goal

588
00:25:57,640 --> 00:26:00,399
Speaker 5: like ten thousand dollars and always feeling like you haven't

589
00:26:00,400 --> 00:26:03,119
Speaker 5: made it. So setting small goals, but making sure that

590
00:26:03,160 --> 00:26:06,640
Speaker 5: they are actually aligned to her income. So she said

591
00:26:06,680 --> 00:26:09,119
Speaker 5: she already has eighty dollars a week coming out for

592
00:26:09,160 --> 00:26:12,200
Speaker 5: in biziligne that's going to impact her savings. She has

593
00:26:12,240 --> 00:26:14,879
Speaker 5: a personal loan for a car that's going to impact

594
00:26:14,960 --> 00:26:17,280
Speaker 5: how much she's able to save. So I think here

595
00:26:17,440 --> 00:26:20,399
Speaker 5: debt reduction needs to be her priority because she is

596
00:26:20,440 --> 00:26:23,879
Speaker 5: paying a lot back on things that aren't increasing her wealth.

597
00:26:24,040 --> 00:26:26,840
Speaker 5: So both of these assets in bizziligne and a car

598
00:26:27,080 --> 00:26:30,480
Speaker 5: are not helping her achieve a more financially stable future.

599
00:26:30,720 --> 00:26:32,720
Speaker 5: In fact, you could actually say that these are the

600
00:26:32,760 --> 00:26:35,200
Speaker 5: things that are holding her back from not only achieving

601
00:26:35,240 --> 00:26:38,879
Speaker 5: her goals, but achieving financial stability in the near future. Great,

602
00:26:38,960 --> 00:26:41,879
Speaker 5: So it seems that maybe this money diarist should be

603
00:26:41,880 --> 00:26:44,280
Speaker 5: saving maybe one hundred dollars a month instead of the

604
00:26:44,320 --> 00:26:47,520
Speaker 5: big goals like or ten thousand dollars a year. Yeah,

605
00:26:47,520 --> 00:26:50,000
Speaker 5: and I think that that's a really smart start because

606
00:26:50,000 --> 00:26:52,480
Speaker 5: it means that she can maybe go through her current

607
00:26:52,520 --> 00:26:55,080
Speaker 5: finances and tweak a few things to be able to

608
00:26:55,119 --> 00:26:57,640
Speaker 5: save one hundred dollars. So instead of setting a really big,

609
00:26:57,760 --> 00:27:00,520
Speaker 5: unrealistic financial goal, she can maybe have a look at

610
00:27:00,520 --> 00:27:02,439
Speaker 5: the things she's doing in day to day life that

611
00:27:02,480 --> 00:27:04,560
Speaker 5: could add up to one hundred dollars over a month

612
00:27:04,720 --> 00:27:06,919
Speaker 5: to be able to meet those financial goals in the

613
00:27:06,920 --> 00:27:07,560
Speaker 5: short term.

614
00:27:07,600 --> 00:27:09,159
Speaker 3: So maybe the listeners out there can do that as well.

615
00:27:09,200 --> 00:27:11,439
Speaker 3: If they're struggling to save big amounts of money over

616
00:27:11,520 --> 00:27:13,480
Speaker 3: a long period of time, they can set micro goals

617
00:27:13,520 --> 00:27:14,000
Speaker 3: every month.

618
00:27:14,040 --> 00:27:14,480
Speaker 8: Maybe.

619
00:27:14,720 --> 00:27:16,360
Speaker 5: Yeah, And I think that that's a really good way

620
00:27:16,400 --> 00:27:19,640
Speaker 5: to keep yourself motivated on track, because if your goal

621
00:27:19,760 --> 00:27:22,560
Speaker 5: is to save you know, ten thousand dollars, but you

622
00:27:22,640 --> 00:27:25,440
Speaker 5: haven't met the halfway point, you know that that either

623
00:27:25,520 --> 00:27:28,520
Speaker 5: needs tweaking or you need to be you know, maybe

624
00:27:28,560 --> 00:27:30,720
Speaker 5: saving a little harder one month because you let it

625
00:27:30,800 --> 00:27:31,879
Speaker 5: laps a month before.

626
00:27:32,640 --> 00:27:33,959
Speaker 1: That's all we have time for today.

627
00:27:34,359 --> 00:27:36,600
Speaker 3: Just before we head off, as always, let's quickly wrap

628
00:27:36,680 --> 00:27:39,400
Speaker 3: the boring button important stuff. The advice shared on Shees

629
00:27:39,400 --> 00:27:41,240
Speaker 3: on the Money is general in nature and does not

630
00:27:41,280 --> 00:27:44,680
Speaker 3: consider your individual circumstances. She's on the Money exists purely

631
00:27:44,720 --> 00:27:47,120
Speaker 3: for educational purposes only and should not be relied upon

632
00:27:47,160 --> 00:27:50,480
Speaker 3: to make investment or a financial decision. And of course

633
00:27:50,520 --> 00:27:54,000
Speaker 3: we promise Victoria Devine is an authorized representative of Consultant

634
00:27:54,040 --> 00:27:57,879
Speaker 3: Financial Advisors Proprietary Limited ABN six y five double oh

635
00:27:58,000 --> 00:28:01,600
Speaker 3: six three seven three double nine five AFSL two three

636
00:28:01,720 --> 00:28:02,920
Speaker 3: O three two.

637
00:28:02,720 --> 00:28:04,399
Speaker 4: Three that was impressive.

638
00:28:04,520 --> 00:28:09,000
Speaker 5: Once again, I'm skilled to my you are, so join

639
00:28:09,040 --> 00:28:11,880
Speaker 5: our Facebook group, where more than seven thousand women share

640
00:28:11,920 --> 00:28:14,720
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641
00:28:15,000 --> 00:28:17,360
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642
00:28:17,640 --> 00:28:20,240
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643
00:28:20,280 --> 00:28:22,160
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644
00:28:22,680 --> 00:28:25,280
Speaker 3: This podcast is a production of Shameless Media on behalf

645
00:28:25,320 --> 00:28:27,639
Speaker 3: of She's on the Money. See you guys next week

646
00:28:28,040 --> 00:28:31,040
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